The United Arab Emirates supports the role of the Organization of the Petroleum Exporting Countries (OPEC) in the stabilisation of oil markets, an official from the country’s energy ministry is reported to have said recently.

“The UAE continues to strongly support the role of OPEC in the stabilisation of the oil market as we believe it continues to have a decisive role in protecting the interest of oil-producing countries,” Matar al-Neyadi, undersecretary for the Ministry of Energy, told a conference in Abu Dhabi lately.

Speaking at the same event, Abdullah Salem al-Dhaheri, the director of marketing and refining at Abu Dhabi National Oil Company (ADNOC) said oil markets will remain volatile in the short term but will regain their balance in the second half of this year.